Instructions Prepare a classified bal ance sheet in good form. (No monetary amounts are to be shown.) P5.2 (LO 2) Excel items for Montoya, Inc. for the current year, 2020. (Balance Sheet Preparation) Presented below are a number of balance sheet $ 125,000 177,591 Accumulated depreciation-equipment Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated depreciation-buildings Buildings Goodwill $ 292,000 239,800 Payroll taxes payable Bonds payable Discount on bonds payable 300,000 45,000 98,362 15,000 360,000 480,000 Cash 480,000 200,000 Land Notes receivable Notes payable (to banks) Accounts payable Retained earmings Income taxes receivable Notes payable (long-term) 445,700 150,000 265,000 87,920 490,000 1,470,000 121,000 270,200 97,630 1,600,000 1,640,000 Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and pre- ferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short- term, unless stated otherwise. Cost and fair val ue of debt investments (trading) are the same.

Instructions Prepare a classified bal ance sheet in good form. (No monetary amounts are to be shown.) P5.2 (LO 2) Excel items for Montoya, Inc. for the current year, 2020. (Balance Sheet Preparation) Presented below are a number of balance sheet $ 125,000 177,591 Accumulated depreciation-equipment Inventory Rent payable (short-term) Income taxes payable Rent payable (long-term) Common stock, $1 par value Preferred stock, $10 par value Prepaid expenses Equipment Debt investments (trading) Accumulated depreciation-buildings Buildings Goodwill $ 292,000 239,800 Payroll taxes payable Bonds payable Discount on bonds payable 300,000 45,000 98,362 15,000 360,000 480,000 Cash 480,000 200,000 Land Notes receivable Notes payable (to banks) Accounts payable Retained earmings Income taxes receivable Notes payable (long-term) 445,700 150,000 265,000 87,920 490,000 1,470,000 121,000 270,200 97,630 1,600,000 1,640,000 Instructions Prepare a classified balance sheet in good form. Common stock authorized was 400,000 shares, and pre- ferred stock authorized was 20,000 shares. Assume that notes receivable and notes payable are short- term, unless stated otherwise. Cost and fair val ue of debt investments (trading) are the same.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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